Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.</li>
<li>The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.</li>
<li>Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.</li>
</ul>


Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.
The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.
Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.


ANTHROPIC IPO: Will Investors Accept a Down Round?

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS keeps 'hold' on Genting Singapore, citing World Cup's impact on gaming patrons.</li><li>CGS International raises Yangzijiang Shipbuilding's target price to $5.10.</li><li>RHB optimistic on CLAR; portfolio changes expected to boost DPU from FY2027.</li></ul>

DBS keeps 'hold' on Genting Singapore, citing World Cup's impact on gaming patrons.CGS International raises Yangzijiang Shipbuilding's target price to $5.10.RHB optimistic on CLAR; portfolio changes expected to boost DPU from FY2027.

Singapore Market Roundup (23-Jul-2026): DBS maintains 'hold' on Genting Singapore due to World

<ul>
<li>DBS and UOBKH keep 'buy' ratings on Digital Core REIT.                                 </li>
<li>OCBC and DBS have positive outlooks on OUE REIT.</li>
<li>Lim and Tan sets $1.35 target price for Olam. Is it a good buy?</li>
</ul>


DBS and UOBKH keep 'buy' ratings on Digital Core REIT.                                 
OCBC and DBS have positive outlooks on OUE REIT.
Lim and Tan sets $1.35 target price for Olam. Is it a good buy?


Singapore Market Roundup (24-Apr-2026): DBS and UOBKH maintain 'buy' on Digital Core REIT.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>From its all time high of ~$118 back in September 2025, IGV, the iShares Expanded Tech-Software Sector ETF, is currently down ~26%</li>
<li>Despite the Saaspocalypse, SaaS earnings and outlook have rarely looked better. </li>
<li>The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.</li>
</ul>


From its all time high of ~$118 back in September 2025, IGV, the iShares Expanded Tech-Software Sector ETF, is currently down ~26%
Despite the Saaspocalypse, SaaS earnings and outlook have rarely looked better. 
The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.


<ul>
<li>Mixed feelings about Genting Singapore.</li>
<li>Maybank upgrades SIA to 'hold'; DBS and UOB Kay Hian raise target prices.</li>
<li>DBS Group Research keeps 'buy' on Stoneweg Europe Stapled Trust, raises target price.</li>
</ul>


Mixed feelings about Genting Singapore.
Maybank upgrades SIA to 'hold'; DBS and UOB Kay Hian raise target prices.
DBS Group Research keeps 'buy' on Stoneweg Europe Stapled Trust, raises target price.


Singapore Market Roundup (26-Feb-2026): Conflicted feelings about Genting Singapore.

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

ANTHROPIC IPO: Will Investors Accept a Down Round?

Anthropic faces a potential "Down Round" in its IPO slated for later this year. The dynamics of the AI sector have deteriorated substantially...

David Mudd

Singapore Market Roundup (23-Jul-2026): DBS maintains 'hold' on Genting Singapore due to World

DBS maintains 'hold' on Genting Singapore due to World Cup effects. CGS raises Yangzijiang target to $5.10; RHB optimistic on CLAR, expecting DPU...

Singapore Market Roundup

Singapore Market Roundup (24-Apr-2026): DBS and UOBKH maintain 'buy' on Digital Core REIT.

DBS and UOBKH maintain 'buy' ratings on Digital Core REIT; OCBC and DBS are optimistic about OUE REIT. Lim and Tan set Olam's target at $1.35.

Singapore Market Roundup

SaaSpocalypse Now. Are We Done Already?

SaaSpocalypse: The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.

William Keating

Singapore Market Roundup (26-Feb-2026): Conflicted feelings about Genting Singapore.

Genting Singapore faces mixed feelings. Maybank upgrades SIA to 'hold'; DBS and UOB Kay Hian raise target prices. DBS maintains 'buy' on Stoneweg...

Singapore Market Roundup

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